Elon Musk has reportedly initiated the foreclosure process on a former Bel Air, California home that once belonged to a late movie star, now owned by a couple who had received a loan from him.
According to The Wall Street Journal, the 2,750-square-foot house was owned by actor Gene Wilder from 1976 until 2007. A notice of default was issued last month, and it is said that Musk used a business entity for this action.
The Los Angeles County Consumer and Business Affairs Department states that foreclosures officially begin with a notice of default, which outlines the total amount owed, including missed payments and related fees.
The Journal reported that the current owners, Jordan Walker-Pearlman, Gene Wilder’s nephew, and his wife, have fallen behind on a $6.7 million loan from Musk, which they had used to purchase the house in 2020. This financial difficulty has been attributed to the 2023 Hollywood strikes.
The couple had bought the home from Musk for $7 million, after he had owned it since 2013. Walker-Pearlman told the Journal that Musk’s action wasn’t harsh, and he appreciated the opportunity given by Musk, expressing no complaints.
Following the notice of default, Musk has the option to force a sale after 90 days, although the couple indicated this is not his intent. They recently listed the home for sale, with an asking price of $12.95 million.
The listing describes the property as a piece of Hollywood history, featuring four bedrooms, four bathrooms, wood-beamed ceilings, fireplaces, and open layouts with abundant natural light. The home also includes entertaining spaces, like a circular bar.
As of July, the median asking price for homes in Bel Air was $7.9 million, while the median sale price was $4.2 million, according to Realtor.com.
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